Two lawmakers representing both sides of the political spectrum have launched a Congressional Blockchain Caucus dedicated to the advancement of sound public policy toward blockchain-based technologies and digital currencies.

First proposed by Jared Polis (D-Colo.) and David Schweikert (R-Ariz.) in September, the bipartisan caucus will seek to educate people and provide research to help policymakers implement smart regulatory approaches to the issues raised by blockchain-based technologies and networks.

Polis said in a statement that it was highly important for lawmakers to understand that as the world rapidly changes due to the implementation of blockchain-based technologies in areas such as the financial industry, supply chain management, cyber security and health care, it’s important that policies and laws representatives craft match that ingenuity.

Schweikert added that it is “critically important” the United States remain competitive regarding emerging technologies such as blockchain. Therefore, he said, it’s critical for members of Congress to start comprehending both the existing applications for the technology and potential use cases.

The move to set up a dedicated blockchain caucus was welcomed by the industry. Jerry Brito, executive director of Coin Center, a nonprofit research and advocacy center focused on the public policy issues facing cryptocurrency and decentralized computing technologies such as bitcoin and Ethereum, praised the move.

Perianne Boring, founder and president of the Chamber of Digital Commerce, an advocacy group that promotes the digital currency and digital asset industry, added that the organization looked forward to working with the blockchain caucus to build a legal environment that fosters innovation, jobs and investment.

Image: Wikimedia Commons/Public Domain CC0.